Aristotle Atlantic Partners, LLC, an investment advisor, released its “Large Cap Growth Strategy” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, Aristotle Atlantic’s Large Cap Growth Strategy delivered 13.61% gross of fees (13.43% net of fees) underperforming the Russell 1000 Growth Index’s return of 14.16%. Both Security selection and allocation effects led the portfolio to underperform in the quarter. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.
Aristotle Atlantic Large Cap Growth Strategy featured stocks like Datadog, Inc. (NASDAQ:DDOG) in the fourth quarter 2023 investor letter. Headquartered in New York, New York, Datadog, Inc. (NASDAQ:DDOG) is a software company that provides a monitoring and analytics platform for developers. On February 28, 2024, Datadog, Inc. (NASDAQ:DDOG) stock closed at $130.47 per share. One-month return of Datadog, Inc. (NASDAQ:DDOG) was 2.81%, and its shares gained 76.07% of their value over the last 52 weeks. Datadog, Inc. (NASDAQ:DDOG) has a market capitalization of $43.3 billion.
Aristotle Atlantic Large Cap Growth Strategy stated the following regarding Datadog, Inc. (NASDAQ:DDOG) in its fourth quarter 2023 investor letter:
“Datadog, Inc. (NASDAQ:DDOG) is the observability and security platform for cloud applications. The company’s SaaS platform integrates and automates infrastructure monitoring, application performance monitoring, log management, real-user monitoring, and many other capabilities to provide unified, real-time observability and security for its customers’ entire technology stack. The platform is used by organizations of all sizes and across a wide range of industries to enable digital transformation and cloud migration, drive collaboration among development, operations, security and business teams, accelerate time to market for applications, reduce time to problem resolution, secure applications and infrastructure, understand user behavior, and track key business metrics.
We believe headwinds from cloud spend optimizations are moderating, and the company should benefit from improved cloud spend dynamics in 2024-2025. We consider Datadog to be a key part of the Information Technology stack, as businesses expand on their digital transformation initiatives and continue to transition operations to the cloud. The company has been successful in customer acquisition growth and a strong financial profile with increased free cash flow margins.”
A close-up of a laptop with a software engineer coding on the monitor.
Datadog, Inc. (NASDAQ:DDOG) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Datadog, Inc. (NASDAQ:DDOG) was held by 72 hedge fund portfolios, down from 83 in the previous quarter, according to our database.
We discussed Datadog, Inc. (NASDAQ:DDOG) in another article and shared the list of best future stocks for the long term. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.
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Disclosure: None. This article is originally published at Insider Monkey.
